Corporate changes at mortgage insurance companies have prompted the Federal National Mortgage Association to issue mortgage insurance updates.
On Tuesday, Arch Capital Group Inc. announced that it completed the acquisition of United Guaranty Corp. from American International Group Inc.
Fannie Mae
approved the acquisition of UGC and affiliates United Guaranty Residential Insurance Co. and United Guaranty Mortgage Indemnity Co.
The approval was
outlined Wednesday in Lender Letter LL-2017-01.
“At this time, there is no change to the use of MI Code (’12’) or the ULDD Enumerated Value (‘UGI’) delivered by lenders to identify loans insured by either of these United Guaranty entities,” the lender letter stated. “If we change our delivery requirements in the future, we will provide advance notice to sellers and servicers.”
The lender letter additionally noted new M.I. forms for
Essent Guaranty Inc. and Radian Guaranty Inc.
Washington-based Fannie said that it is reviewing Genworth Mortgage Insurance Corp.’s disclosure in October of an agreement to be acquired by China Oceanwide Holdings Group. In addition to Fannie, Freddie Mac must approve the sale, which is expected to be completed this year.
For the moment, Genworth M.I. remains an approved Fannie Mae mortgage insurer.
Finally, the secondary mortgage lender said it has
issued new guidance to its approved mortgage insurers that amends its Private Mortgage Insurer Eligibility Requirements.
The first two PMIERs guidance notices, which amend and clarify financial requirements, were issued to the mortgage insurers and posted to its website in December.
